The economy will not be given a massive government stimulus in the face of slowing growth, Premier Li Keqiang signaled at a symposium in Beijing on Monday, instead pinning his hopes on a quicker pace of reform.

During the meeting with leading economists and business leaders, Li said more efforts should be made to "boost the quality and efficiency of the economy and the improvement of people's livelihoods".

To deal with the challenges, Li suggested that the Chinese economy should "maintain medium - or high-speed growth" and be upgraded to achieve lasting development.